Measuring poverty using an absolute income scale like the poverty line can be misleading because
a. income measures do not include the value of in-kind transfers.
b. money is valued less highly by the poor than by the rich.
c. the poor are not likely to participate in the labor market.
d. income measures are adjusted for the effects of labor-market discrimination.
A
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When economists assume that people are rational, they are assuming that people generally agree what is good for human beings.
Answer the following statement true (T) or false (F)
It is often observed that the prices charged for gasoline by the various gas stations in a particular city tend to move together very closely. Is this an example of tacit collusion that should be prosecuted in the United States? Why or why not?
What will be an ideal response?
Between the end of World War II and 1971, the United States dollar was
A. the only major currency in the world convertible into gold for purposes of international payments. B. not used as an international currency. C. the only major currency in the world not backed by gold. D. not very important in the transfer of goods between countries.
Identify which item is not one of the six parts of the financial system.
A. Credit cards B. Financial institutions C. Financial markets D. Central banks